BENGALURU: Foxconn chairman Young Liu said in the company’s latest earnings release that India’s population of 1.4 billion represents a large potential market for mid-to-high-end products that the company’s customers are focusing on.
“It is therefore necessary for us to further expand assembly and component operations in India. We see more and more suppliers investing in setting up plants in India and believe this will become more important over time,” he said.
Foxconn already has plants in India and is expanding some of them. The Taiwanese contract manufacturer recently announced that it has bought 300 acres of land in Devanahalli, Bengaluru for Rs 300 crore for electronics manufacturing.
Liu said India has advantages due to labor costs, but the company will continue to apply for government incentives to boost its competitiveness. “Since 2006, Hon Hai (the name under which the company operates in some parts of the world) has entered India ahead of its competitors and on a larger scale. During this time we have gained a lot of experience in managing local employees, supply chain and logistics. These are all important competitive advantages that have allowed us to move faster than the market. It has also enabled us to expand rapidly. As well as continuing this momentum, we will also increase local production yields,” he added.
Foxconn is one of the largest manufacturers of Apple products. Apple has steadily reduced its dependence on China and expanded its presence in India. Foxconn’s investments were supported by the government’s Production-Linked Incentive (PLI) program for electronics and semiconductor manufacturing.
Earlier this year, Foxconn signed a joint venture with Vedanta to establish a semiconductor and display manufacturing facility in the Dholera Special Investment Region near Ahmedabad in Gujarat. Telangana IT Minister KT Rama Rao recently said Foxconn is building an electronics manufacturing facility in the state. Foxconn has 173 locations and offices in over 24 countries. This year, the company has expanded to Taiwan, Mainland China, India, Vietnam and Germany.
“It is therefore necessary for us to further expand assembly and component operations in India. We see more and more suppliers investing in setting up plants in India and believe this will become more important over time,” he said.
Foxconn already has plants in India and is expanding some of them. The Taiwanese contract manufacturer recently announced that it has bought 300 acres of land in Devanahalli, Bengaluru for Rs 300 crore for electronics manufacturing.
Liu said India has advantages due to labor costs, but the company will continue to apply for government incentives to boost its competitiveness. “Since 2006, Hon Hai (the name under which the company operates in some parts of the world) has entered India ahead of its competitors and on a larger scale. During this time we have gained a lot of experience in managing local employees, supply chain and logistics. These are all important competitive advantages that have allowed us to move faster than the market. It has also enabled us to expand rapidly. As well as continuing this momentum, we will also increase local production yields,” he added.
Foxconn is one of the largest manufacturers of Apple products. Apple has steadily reduced its dependence on China and expanded its presence in India. Foxconn’s investments were supported by the government’s Production-Linked Incentive (PLI) program for electronics and semiconductor manufacturing.
Earlier this year, Foxconn signed a joint venture with Vedanta to establish a semiconductor and display manufacturing facility in the Dholera Special Investment Region near Ahmedabad in Gujarat. Telangana IT Minister KT Rama Rao recently said Foxconn is building an electronics manufacturing facility in the state. Foxconn has 173 locations and offices in over 24 countries. This year, the company has expanded to Taiwan, Mainland China, India, Vietnam and Germany.
